One common challenge that we hear from our clients when we first start chatting about getting a home loan is their existing level of debt. There’s a common misconception that because someone might have a personal loan or a car on finance that it’s going to hold them back from borrowing money for a house until they’ve paid those debts off. Now, I use the term misconception lightly because, yes these things can hold someone back from borrowing money for a house BUT, as with so many other things we help people with, if you know what to do with these facilities it can be a relatively easy fix.

Now a few of you might be thinking “well you’d just ramp up the payments and knock that debt off” or “sell the car/boat and pay the debt” and sure that’s great strategy for some, but if you apply a little knowledge of the industry and do a little homework, you can actually make your repayments less, get into a house sooner and then knock those debts off once you’re not paying someone elses mortgage (more commonly referred to as renting).

We’ve noticed a trend that we are helping more and more people shuffle their existing debts around to get into the right position for a home loan so we decided to take things into our own hands and make life a little easier for our clients. We’ve created a simple little link on our website that makes it easier for our clients to get in touch not only with us but also our contacts that look after what we call Asset Finance. Asset Finance is lending that you have for a personal loan, a credit card, a car, boat or caravan etc. It really is surprising the difference in offerings that is out there for these things and not just in the interest rates that people are paying either.

If you or someone you know has something that they’re paying off and would like to have someone have a look at it to make sure that it’s not only working for you but is actually going to achieve what you are working towards, then follow the link below and get the process started, it’s really really easy and it could save you a tonne of time and money or better yet, put you into a position where you could be making that property purchase that you’ve been dreaming of. This is another example of how having an adviser on your side can be a real advantage, it’s the old adage of working smarter, not harder (or if you’re like our team, smarter AND harder)

Get in touch today to see how it could work for you.

Matt Walton Summit Mortgages

Matt Walton- Mortgage Adviser, Financial Adviser, FSP1001298

My role sees me mainly helping First Home Buyers get into the property market. Having been through the process myself with a young family, I understand a lot of the feelings, concerns and excitement that working through the journey to first home ownership can bring with it. Having previously worked in asset finance, I made the change to helping people with their mortgages because, from my own experience I felt that there was an opportunity to help people better understand their mortgage and make the most of their financial potential. Making the call to a client to let them know we've got them approved is the best part of the job for me because I know what it means to the client and I can sense the excitement that the prospect of owning your own home brings with it.